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An event study analysis of outward foreign direct investment: the case of Greece

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Author Info
ANTONIS DEMOS
FRAGKISKOS FILIPPAIOS
MARINA PAPANASTASSIOU

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Abstract

The purpose of this article is twofold. Firstly, by applying the event study methodology, it provides detailed and updated evidence on the value generating effect of different modes of foreign direct investment (FDI) entry. Secondly, this is the first paper to empirically evaluate the impact of FDI on the stock returns of Greek firms participating in the Athens Stock Exchange (ASE). In the case of Greece, the cross-section analysis revealed that successful outward FDI projects tend to be located in developed countries, performed in a high-technology sector and linked to horizontal integration.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal International Journal of the Economics of Business.

Volume (Year): 11 (2004)
Issue (Month): 3 (November)
Pages: 329-348
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Handle: RePEc:taf:ijecbs:v:11:y:2004:i:3:p:329-348

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Related research
Keywords: Multinational Corporations (MNCs); Foreign Direct Investment; Mergers &; Acquisitions; Event Study; JEL Classifications: F23; F30; G14; G34;

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  1. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March. [Downloadable!] (restricted)
  2. Fama, Eugene F & French, Kenneth R, 1992. " The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-65, June. [Downloadable!] (restricted)
  3. repec:fth:michin:282 is not listed on IDEAS
  4. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
    Other versions:
  5. Brewer, H. L., 1981. "Investor Benefits from Corporate International Diversification," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 16(01), pages 113-126, March. [Downloadable!]
  6. Klette, T.J. & Griliches, Z., 1998. "Empirical Patterns of Firm Growth and R&D Investment: a Quality Ladder Model Interpretation," Memorandum 23/1998, Oslo University, Department of Economics.
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  7. Agmon, Tamir & Lessard, Donald R, 1977. "Investor Recognition of Corporate International Diversification," Journal of Finance, American Finance Association, vol. 32(4), pages 1049-55, September. [Downloadable!] (restricted)
  8. Doukas, John & Travlos, Nickolaos G, 1988. " The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions," Journal of Finance, American Finance Association, vol. 43(5), pages 1161-75, December. [Downloadable!] (restricted)
  9. Kumar, Krishna B & Rajan, Raghuram G & Zingales, Luigi, 1999. "What Determines Firm Size?," CEPR Discussion Papers 2211, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  10. Julian Birkinshaw & Neil Hood, 2000. "Characteristics of Foreign Subsidiaries in Industry Clusters," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 31(1), pages 141-154, March. [Downloadable!] (restricted)
  11. Morck, Randall & Yeung, Bernard, 1991. "Why Investors Value Multinationality," Journal of Business, University of Chicago Press, vol. 64(2), pages 165-87, April. [Downloadable!] (restricted)
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  12. White, Halbert, 1980. "Nonlinear Regression on Cross-Section Data," Econometrica, Econometric Society, vol. 48(3), pages 721-46, April. [Downloadable!] (restricted)
  13. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October. [Downloadable!] (restricted)
  14. Fatemi, Ali M, 1984. " Shareholder Benefits from Corporate International Diversification," Journal of Finance, American Finance Association, vol. 39(5), pages 1325-44, December. [Downloadable!] (restricted)
  15. Harris, Robert S & Ravenscraft, David, 1991. " The Role of Acquisitions in Foreign Direct Investment: Evidence from the U.S. Stock Market," Journal of Finance, American Finance Association, vol. 46(3), pages 825-44, July. [Downloadable!] (restricted)
  16. Malatesta, Paul H. & Thompson, Rex, 1985. "Partially anticipated events: A model of stock price reactions with an application to corporate acquisitions," Journal of Financial Economics, Elsevier, vol. 14(2), pages 237-250, June. [Downloadable!] (restricted)
  17. Morck, Randall & Yeung, Bernard, 1992. "Internalization : An event study test," Journal of International Economics, Elsevier, vol. 33(1-2), pages 41-56, August. [Downloadable!] (restricted)
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